Hertz Global Holdings Inc

Latest Results (15.04.2026):

Hertz Global Holdings, Inc. reported results for the third quarter of 2025 (Q3 2025). The company completed its fleet refresh and delivered a return to GAAP profitability, with revenue of $2.478 billion, net income of $184 million, and diluted EPS of $0.42. Operational improvements lifted utilization and non-GAAP metrics while liquidity and cash generation strengthened.

Revenue

Q3 2025 revenue was $2,478 million, down 4% year‑over‑year (the release also referenced $2.5 billion in the quarter), driven by a smaller fleet and lower RPD; Total RPD was $59.26 (−4% YoY).

Profitability and EPS

Hertz reported GAAP net income of $184 million and diluted EPS of $0.42 in Q3 2025 — the first positive GAAP net income and EPS in two years. Adjusted net income was $43 million and adjusted diluted EPS was $0.12.

Adjusted Corporate EBITDA

Adjusted Corporate EBITDA rose to $190 million in Q3 2025, an improvement of about $350 million year‑over‑year, reflecting improved fleet economics and operating discipline; adjusted EBITDA margin was 8% (vs. −6% a year earlier).

Fleet utilization and unit economics

Vehicle utilization exceeded 84% in Q3 2025, the highest level since 2018. Total RPU per month was $1,530 (roughly in line with the company’s North Star target of >$1,500). Depreciation per unit per month (DPU) fell to $273, well under the company’s sub‑$300 target and ~49% lower than Q3 2024.

Fleet strategy and vehicle sales

The “Buy Right, Hold Right, Sell Right” program was highlighted: retail sales (including Hertz Car Sales) increased the share of fleet sold via retail channels by 570 basis points year‑to‑date versus 2024, aiding monetization and residual management.

Cash flow, liquidity and leverage

Hertz ended Q3 2025 with over $2.2 billion in liquidity, reported positive adjusted free cash flow of about $250 million for the quarter, and had cash and restricted cash of $1.549 billion on the balance sheet. Net debt was disclosed in supplemental schedules (net debt ~$16.2 billion as of 9/30/2025).

Segment performance

Americas RAC: revenues $1.910 billion (−7% YoY) and adjusted EBITDA of $152 million (versus −$169M prior year). International RAC: revenues $568 million (+11% YoY) and adjusted EBITDA of $100 million (up 59% YoY).

Other notable items

Average vehicles declined ~7% YoY to 545,395; direct operating expenses modestly declined year‑over‑year and DOE per transaction day improved. The company also noted continued ABS market access and procurement secured for Model Year 2026, expecting to maintain sub‑$300 DPU through 2026.